This project brings together a tight-knit interdisciplinary team of psychologists and economists representing many different viewpoints to study how best to assess overall welfare and its determinants. The term overall welfare refers here to a summary measure that incorporates economic and subjective utilities in a variety of domains, with consideration of individual value differences. Measurement of overall welfare is of immense practical importance as a basis for public policy choices as well as personal choices. For example, Social Security and Medicare policies involve tradeoffs both over time and between expenditures that influence health, the ability of people to retire, and other public priorities, which must be sorted out by either an implicit or explicit concept of overall welfare. Personal choices by individuals in the cohorts in or nearing retirement face the same kinds of tradeoffs whose study also requires improved measurement techniques and analytic strategies.